OPELLA acquired by CLAYTON, DUBILIER & RICE (CD&R)

EB Development (Consortium: NextStage AM & IK Partners) has successfully concluded its takeover bid for Eurobio Scientific, following the results of a reopened offer period. The consortium now holds 88.92% of the share capital and voting rights (including treasury shares). The offer was initiated to take the company private and provide the management team, led by Denis Fortier, with the flexibility to pursue an aggressive external growth strategy. While the bid secured a significant majority, the final participation fell just short of the 90% threshold required for a mandatory squeeze-out (retrait obligatoire). Consequently, the conditional additional price of €1.25 per share (linked to reaching the 90% mark) will not be paid to tendering shareholders. Despite remaining listed for the time being, the transaction effectively shifts Eurobio into a "private-equity-backed" development phase, allowing for deeper consolidation of the European in vitro diagnostics market.

Naxicap Partners has acquired a majority stake (over 60%) in Global D, marking the company’s first independent LBO following its carve-out from the Menix Group. The remaining capital is held by a dozen managers led by the executive team. The transaction follows a competitive auction process and includes a financing package provided by Capza (unitranche and PIK debt) alongside a capex line from Banque Palatine. This strategic "independence" move follows the parent group's divestment of other assets to industrial giants. The rationale for this new cycle is to support the firm’s internationalization and active buy-and-build strategy, targeting niche acquisitions with revenues between 5 million and 20 million euros to complement its existing technology and geographic reach.

Bansk Group completed the acquisition of 100% of PetIQ in an all-cash public-to-private transaction. PetIQ was delisted from Nasdaq upon closing and is now operated as a privately held company, with founder Cord Christensen continuing as CEO. The existing executive management team will continue to operate the business independently. The strategic rationale centres on accelerating PetIQ's mission of providing convenient and affordable pet healthcare, investing in marketing and innovation, and pursuing strategic bolt-on acquisitions — initiatives that Bansk believes are better executed outside the constraints of public market ownership.

Anjac reorganized its capital by welcoming KKR and Krefeld as minority shareholders, following a competitive process led by Rothschild & Co. The EUR450M investment allowed the exit of historical partners Andera Partners, Bpifrance, and IDIA. The Anjac family maintains a strong majority. The transaction was coupled with an extension of the existing syndicated credit line to fund future acquisitions.

Agilent Technologies has finalized the acquisition of BIOVECTRA, a move designed to fundamentally expand the group's contract development and manufacturing (CDMO) portfolio into fast-growing therapeutic modalities. The strategic rationale for this transaction centers on a "growth-vector" play, merging the target's world-class manufacturing capabilities in mRNA, pDNA, and LNP formulation with the group’s established leadership in guide RNA and CRISPR technologies. This fusion effectively creates a specialized powerhouse in the gene-editing market, providing the organization with a single-source solution to serve biopharmaceutical partners from early clinical stages to commercial launch. This operation allows the organization to execute a definitive structural expansion of its biopharma offerings by adding sterile fill-finish services and expertise in GLP-1 agonists. By incorporating these high-growth capabilities, the group can now provide a seamless end-to-end workflow that integrates analytical instrumentation with large-scale cGMP manufacturing. The maneuver optimizes the group's positioning in highly attractive industry verticals, sharpening its focus on mission-critical technologies that accelerate therapeutic programs. Ultimately, the partnership solidifies the group’s standing as a primary enabler of clinical innovation, bridging the gap between sophisticated lab-based research and industrialized pharmaceutical production standards.

Nordson Corporation completed its acquisition of Atrion Corporation on August 21, 2024, following the definitive agreement announced on May 28, 2024. The strategic rationale is centered on portfolio expansion within Nordson Medical. Atrion adds proprietary infusion fluid delivery and niche cardiovascular technologies, broadening Nordson’s exposure to adjacent end markets and strengthening its offering in higher-growth medical applications. The combination is highly complementary from both a product and customer standpoint, while also benefiting from Atrion’s FDA-registered manufacturing footprint and patent portfolio. This creates a more comprehensive platform with meaningful cross-sell and integration potential. From a value creation perspective, the transaction supports Nordson’s long-term growth framework by increasing exposure to secular healthcare demand, recurring single-use consumables, and OEM outsourcing trends. Management also highlighted anticipated operational synergies over the first two years of ownership, which should enhance the deal’s attractiveness and support margin expansion over time.

The acquisition of the point-of-care technology platform from the LumiraDx group marks a transformative technical reinforcement of the acquirer's diagnostic ecosystem. The strategic rationale for this transaction centers on a "decentralization" play, merging the target's innovative multi-assay hardware with the group’s vast global commercial and R&D infrastructure. This fusion effectively creates a comprehensive solution set for primary care and remote settings, addressing the global need for timely and affordable diagnostic results outside of centralized facilities. This operation allows for a definitive structural expansion of the group's "patient-centric" vision, covering the entire journey from general practitioner offices to remote healthcare outposts. By incorporating a platform capable of handling diverse modalities (including coagulation and future molecular testing) the organization can now provide a more robust and integrated service for infectious disease management, such as tuberculosis detection in partnership with global health foundations. The maneuver optimizes the group's positioning in low- and middle-income countries where traditional laboratory access is limited. Ultimately, the partnership solidifies the group’s standing as a primary enabler of community-based healthcare innovation, bridging the gap between sophisticated laboratory diagnostics and industrialized point-of-need testing standards.

The successful acquisition of ELITechGroup by Bruker Corporation marks a definitive tactical expansion of the group's microbiology and infection diagnostics portfolio. This transaction facilitates the integration of ELITech’s innovative sample-to-result molecular diagnostic systems with Bruker’s existing microbial identification capabilities. The strategic rationale for the move centers on the fusion of ELITech’s specialized PCR assay technology and Bruker’s global reach and industrialized R&D machine. The operation should reinforce Bruker's ability to address the increasing demand for decentralized, high-accuracy testing in infectious disease management. The partnership is designed to leverage Bruker’s extensive distribution network to accelerate the penetration of the BeGenius® platform into larger North American and Asian hospital markets. This integration facilitates the creation of a more robust technological platform, providing the strategic depth required to navigate the maturing landscape of automated clinical diagnostics. The move solidifies Bruker’s standing as a primary enabler of molecular precision and time-critical diagnostic innovation globally, while securing a resilient, consumables-driven financial profile.

GTCR agreed to acquire Surmodics as a take-private acquisition, financed through committed equity from GTCR-affiliated funds and committed debt financing. The strategic rationale rests on Surmodics’ position as a specialized healthcare technology platform with recurring exposure to medical device coatings and in vitro diagnostics. The business has a long track record of serving blue-chip customers, and its proprietary technologies are aligned with secular healthcare growth drivers including aging demographics, minimally invasive procedures, and OEM outsourcing. For GTCR, the asset fits a classic platform investment profile, offering a combination of technical differentiation, market defensibility, and scope for operational value creation. The deal also has a clear sector consolidation angle. Surmodics’ coating expertise and medical device capabilities could support future expansion across adjacent applications, while GTCR’s healthcare focus may allow it to back strategic growth initiatives and build further scale.

Kühne Holding AG has entered into a definitive agreement to acquire a majority stake in Aenova Group from the international investment firm BC Partners. In a move to ensure continuity and strategic alignment, funds advised by BC Partners will reinvest alongside Kühne Holding to maintain a minority position in the company. The transaction was structured and executed in close partnership with E3X Partners, acting as the lead advisor and investment partner for the Kühne family vehicle. The strategic rationale for the acquisition is focused on expanding Kühne Holding’s portfolio into the pharmaceutical services sector, attracted by Aenova’s strong financial foundation and long-term growth prospects. Under BC Partners' ownership, Aenova achieved record financial results and established itself as a top-ten global CDMO. The new ownership structure is designed to transition the company from a traditional private equity cycle to a long-term "evergreen" investment horizon, providing the stability needed to build highly sought-after technology platforms and specialized development services.